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KYC: CBN directs Banks to obtain social media handles of customers

by Risikat Ramoni
June 26, 2023
in Business
4 min read
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…SERAP kicks against new CBN regulation

The Central Bank of Nigeria (CBN) has mandated financial institutions to obtain the social media handles of customers for the purpose of identification.

It also asked financial institutions to obtain e-mail addresses, telephone numbers, and residential addresses, among other things, from customers.

This is contained in the new CBN customer due diligence regulations aimed at further strengthening the identification process in the banking system.

The apex bank published the ‘Central Bank of Nigeria (Customer Due Diligence) Regulations, 2023’ document on its website on Friday, 23 June, 2023.

According to the CBN, the new regulation was designed to provide additional customer due diligence measures for financial institutions under its regulatory purview.

The objective of the regulations the apex bank noted includes, “To provide additional customer due diligence measures for financial institutions under the regulatory purview of the Central Bank of Nigeria to further their compliance with relevant provisions of the Money Laundering (Prevention and Prohibition) Act (MLPPA), 2022, Terrorism (Prevention and Prohibition) Act (TPPA), 2022, Central Bank of Nigeria (Anti-Money Laundering, Combating the Financing of Terrorism and Countering Proliferation Financing of Weapons of Mass Destruction in Financial Institutions) Regulations, 2022 (CBN AML, CFT and CPF Regulations) and international best practices.

“And enable the CBN to enforce compliance with customer due diligence measures in line with the CBN AML, CFT and CPF Regulations.”

The apex bank, under its customer identification column, said financial institutions must identify their customers (whether permanent or occasional, and whether natural or legal persons or legal arrangements) and obtain the following information:

“For Individuals — legal name and any other names used (such as maiden name), permanent address (full physical address), residential address (where the customer can be located), telephone number, e-mail address, and social media handle; date and place of birth, Bank Verification number; Tax Identification number; nationality; occupation; public position held; and name of employer.”

It also noted that an individual must have “an official personal identification number or other unique identifier contained in an unexpired document issued by a government agency that bears the name, photograph, and signature of the customer, such as a passport, national identification card, residence permit, social security records, or drivers’ license.”

Part of the requirement includes, “Type of account and nature of the banking relationship, and signature, and politically exposed person status.”

The regulator also maintained that financial institutions shall not establish or keep anonymous accounts, numbered accounts, or accounts in fictitious names.

These regulations shall apply to all financial institutions under the purview of the CBN, as noted in the document.

Meanwhile on Monday, the Socio-Economic Rights and Accountability Project (SERAP) has urged the Acting Governor, Central Bank of Nigeria (CBN)  Folashodun Shonubi, to “immediately delete the patently unlawful provisions in the apex bank (Customer Due Diligence) Regulations directing banks to obtain information on customers’ social media handles for the purpose of identification.”

SERAP also urged him to “withdraw the Circular number FPR/DIR/PUB/CIR/007/076 of 20 June 2023 mandating banks and other financial institutions to implement and comply with the unlawful mandatory provisions on customers’ social media handles in the CBN Regulations.”

In the letter dated 24 June, 2023 and signed by SERAP deputy director Kolawole Oluwadare, the organisation said: “The CBN Regulations and directive to banks to obtain details of customers’ social media address violate Nigerians’ rights to freedom of expression and privacy. It is inconsistent and incompatible with the rule of law.”

SERAP said, “The CBN ought to contribute to the advancement of respect for the rule of law and human rights in the discharge of its statutory functions, and not undermine or violate these fundamental legal requirements and standards.”

According to SERAP, “The purported mandatory requirement would inhibit Nigerians from freely exercising their human rights online. If obtained, such information may also be misused for political and other unlawful purposes.”

“There are other means of identification such as passport, driver’s licence, Bank Verification Number (BVN), and Tax Identification Number (TIN), which banks and other financial institutions already require their customers to provide.

“The additional requirement of obtaining details of a customer’s social media handles or address fails to meet the requirements of legality, necessity, and proportionality.

“The requirement of necessity implies an assessment of the proportionality of the grounds, with the aim of ensuring that the excuse of ‘regulations on customer due diligence’ is not used as a pretext to unduly intrude upon the rights to freedom of expression and privacy.

“The CBN Regulation does not demonstrate how the use of social media handle or address as a means of identification would serve to improve banks and other financial institutions’ ability to implement and comply with the laws and regulations relating to customer due diligence.

“Obtaining the details of customers’ social media handles or addresses would unduly interfere with the rights to freedom of expression and privacy. It would also be disproportionate to any purported legitimate aim that the CBN seeks to achieve.

“The facts that there are sufficient mean of identification for CBN, banks and other financial institutions to rely on to meet the requirement of Know Your Customer also heighten concerns of overreach, and confer far-reaching discretion on banks and financial institutions.

“The positive obligations on Nigeria to ensure the rights to freedom of expression and privacy will only be fully discharged if individuals are protected against violations by institutions like the CBN,” SERAP noted.

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Tags: Central Bank of Nigeria (CBN)Know Your Customer (KYC)Social media handlesSocio-Economic Rights and Accountability Project (SERAP)
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